Renovated Duplex with Private
New
For Sale
$1,350,000
4609 4605 E Agua, Orange, CA 92869
Two detached residences provide flexible living arrangements, individual outdoor areas, and separate garage parking.
Property Size2,316 SF
Price / SF$582.90
Days on Market1
Property Features for 4609 4605 E Agua
General Information
Standard status
Active
Size
2,316 SF
Total Parking Spaces
4
Property subtype
Investment
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Parking per Unit
2
Building Details
Building Size
2,316 SF
Year Built
1955
Buildings
2
Stories
1
Units
2
Listed By:
Susie Pineda
(714) 628-1991
Source:
Elliman
Added: Sep 10
Last Checked: Sep 10 at 2:57PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Susie Pineda
Investment Insights
Based on property information with market context.
This duplex includes two independent homes on one lot, with each residence offering three bedrooms, two bathrooms, a private backyard, and a dedicated two-car garage. The front home contains 1,263 square feet and was renovated in 2024 with double-pane vinyl windows, updated flooring, and a redesigned kitchen featuring shaker cabinetry, quartz countertops, Signature appliances, and a six-burner gas cooktop. Its living room includes a fireplace and opens to a backyard with artificial turf and hill views. The primary suite has an updated bathroom with a full-size shower, vanity, and new lighting.
The rear home provides 1,053 square feet, a spacious living area with its own fireplace, and a private yard. The property is 3.5 miles from Chapman University and near shopping centers, public transit, the Old Towne Orange District, the 22/5/55 freeway, and toll roads. WalkScore is 76, BikeScore is 39, and TransitScore is 30.
The rear home provides 1,053 square feet, a spacious living area with its own fireplace, and a private yard. The property is 3.5 miles from Chapman University and near shopping centers, public transit, the Old Towne Orange District, the 22/5/55 freeway, and toll roads. WalkScore is 76, BikeScore is 39, and TransitScore is 30.
Key Highlights
- Two separate homes on one lot, each with 3 bedrooms and 2 bathrooms
- Front residence: 1,263 square feet and renovated in 2024
- Rear residence: 1,053 square feet with private yard and fireplace
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$44,589
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.30%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$891,780
$891.8K
Cap Rate 7%
$636,986
$637.0K
Cap Rate 9%
$495,433
$495.4K
Market Conditions
NOI Build-Up for 2,316 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$66.7K $28.80/SF
− Vacancy
−$3.0K −$1.30/SF
EGI
$63.7K $27.50/SF
− OpEx
−$19.1K −$8.25/SF
NOI
$44.6K $19.25/SF
Area
Orange, CA
Vacancy
4.50%
Lease Rate
$28.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$891,780
Cap Rate 7%
$636,986
Cap Rate 9%
$495,433
Alternative Uses
Best Use
Multifamily LT 5
$637.0K
$557.4K – $743.2K
NOI $44,589 @ 7.0% cap · market cap 3.30%
Second Best
Apartment 5plus
$586.4K
$513.1K – $684.1K
NOI $41,045 @ 7.0% cap · market cap 3.04%
Theoretical Best
Office A
$837.3K
$732.6K – $976.8K
NOI $58,610 @ 7.0% cap · market cap 4.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
679
Businesses Nearby
Explore this area
Business Placement
Demographics for 92869, CA
36,349
Population
11,918
Households
3
Avg Household Size
42
Median Age
46%
College-Educated
89%
High-School Grad
13.5 sq mi
ZIP Area
2,693
Density / Sq Mi
$147,047
Median Household Income
$55,779
Median Earnings
$2,335
Median Rent
$935,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two detached residences provide flexible living arrangements, individual outdoor areas, and separate garage parking.
Where is this duplex located?
The property is located at 4609 4605 E Agua Orange, CA.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Two separate homes on one lot, each with 3 bedrooms and 2 bathrooms; Front residence: 1,263 square feet and renovated in 2024; Rear residence: 1,053 square feet with private yard and fireplace
